Tuesday 3rd July-There's no other board like David Jones

Morning,

The farce that is DJS bid was revealed in all its glory yesterday..the company failed spectacularly to do any due diligence on the bidder..I mean even if you ‘Google earthed’ the address it would have started to ring alarm bells..the whole board should be sacked for incompetence..joke and makes a complete mockery of ASX and yet another reason why investors are staying away from this market in droves..In the US volatility is urging whilst volumes are the lowest in a decade....and most of that is computers!.

Here the computers are taking over trading and we are following the US model..I blame NASA...if these guys still built rockets and shuttles ,all the smart people would be doing something useful like putting a man on the moon,any man (although I can suggest a few), not rigging financial markets..the LIEBORGATE scandal in the UK is just another example of how the Masters of the Universe  are operating...the witch hunt will now be in full swing in the UK and more heads will be claimed..last night the Chairman of the World’s 4^th biggest bank resigned due to the scandal and expect more...This is going to be a big story...so much is priced off the LIEBOR rate it’s not funny and if you can fiddle this what else can be fiddled..even the Australian Bureau Of Statistics has now said that the unemployment rate is wrong.

This latest scandal from the UK comes after companies bought AAA ratings from the agencies for their dodgy CDS products...I mean why are we surprised about all this...they all have history..Morgan Stanley look to have been caught out on this in a recent revelation.

So what’s in store for our market..suspect a little buying will continue to creep up with commodities up a smidge and other equity markets slightly better..except US that is. Also Aussie dollar doing nicely nicely at nearly two month highs..I have suggested selling into rallies..still believe that is the case..range is 4000 to 4400 until otherwise notified...may be a while!

I talked about SBM yesterday and they promptly dropped 15%!...now may be the time to look at these babies ...I believe that around 1.50 you will be rewarded in time...

Things to make me go all Q and A!

1.Simon Sheikh fails to Get Up instead he falls down..thankfully he is ok..more than can be said for Sophie Mirabella’s credibility and reputation..Gone in 60 Seconds!

2.Another sad day with an Australia Special Forces soldier killed...our hearts are with the family.

3.US debt now $15 trillion dollars and 101.5% of GDP!!!If this goes on much longer pretty soon these guys are going to have a problem!!Biggest since WWII

Thanks to zerohedge.com for this insight..

4.NSW Government now looking at cutting 10,000 jobs from the Public service...sure they will all get reemployed in mining or at least as consultants to the Government doing the same job for more money but off the Govs books!

5.Microsoft hit with a $6.2bn writedown!! Slump in the value of its online services division...surprised ..not really...Google and Apple killing all before them!

6.Weak US manufacturing sector contracting in June for the first time since 2009.

7.LLC investor day looks like a prelude to a coming capital raising...

8.RBA meeting today will keep rates on hold...risk is less and economy needs to see the effect of the last RATE CUT..

9.Bob Diamond(Barclays Chief) threatens to tell all on regulators and Politicians..now that would be interesting!!

10.Craig Emmerson just embarrassing!!No more songs please on the new carbon tax...

If you are looking for an explanation of the Greek problem this is a very insightful take from John Clarke!!!Love this...John Clarke and Brian Dawes on the Greek Economy

There, I have not mentioned Zombieland once today...well nearly!!

And finally “The hardest thing in the world to understand is income taxes.” - Albert Einstein

Have a good day.